The growth of the remittance market is strongly driven by growing international migration as the people migrate chiefly with the focus of sending their earnings to their families back home. In 2013, international migrants comprised about 3.2% of the world population, compared to 2.9% in 1990. International migrants signify a huge customer base for the worldwide remittance industry. Over US$160 billion have reached rural families in developing countries. Driven to various socio-political and economic factors, the same is expected to steadily grow in the near future. This is further anticipated to prove instrumental in the growth of the global remittance market. Complete report is available at http://www.marketreportsonline.com/380104.html .

As per the report Global Remittance Report: 2014 Edition, apart from unceasing increasing migrant population, other factors which are providing the immense growth opportunities for global remittance market include rising employed and urban population and ameliorating global economic development. Some of the noteworthy developments of this industry include unstable remittance cost, the impact of remittance on health, education and poverty, wide portfolio of remittance services and correlation between remittance and foreign exchange rates. Also, the number of electronic payment service providers that offer over-the-counter-payments, mobile money payment and payment cards have increased rapidly.

Remittance is defined as transfer of money by a person who resides in a foreign country to his or her home country. Remittance industry contributes to economic growth and livelihoods of people across the world. In most of the developing countries, money sent by foreign migrants to their home countries constitutes the second largest financial inflow to the respective nations. Furthermore, in the money receiving countries, remittance industry promotes further economic dependence on the global economy instead of building sustainable local economies. Remittance channel is collectively comprised of a sender, a recipient, intermediaries in both countries and the payment interface used by the intermediaries. The remittance system encompasses the following components: Remittance Service Providers (RSP), Remittance Corridors, Remittance Network and Money Transfer System. Remittance services are divided primarily on the basis of ways a network of access points is created and linked. There are broadly four categories: unilateral services, franchised services, negotiated services and open services.